给可乐供原料的巨头要上市！ 作者｜刘俊群 编辑｜刘钦文 给可口可乐、红牛"提神"的全球最大咖啡因供应商，要揣着创新药的故事IPO了！ 近日，石药创新制药股份有限公司（下称"石药创新"）正式向港交所递交上市申请，拟布局"A+H"双 平台。就在递交申请前几天，其母公司石药集团（1093.HK）上演了一场备受瞩目的权力交接。2025年 12月19日，"河北富豪"蔡东晨的45岁长子蔡磊正式接任集团CEO，标志着这家千亿药企正式进入"二 代"主导的新阶段。 当家族企业交接班遇上港股IPO，挑战也随之而来：一边是咖啡因老本行的增长瓶颈，一边是创新药赛 道的烧钱亏损。二代掌门人的这场闯关，悬念已然拉满。截至2026年1月8日，石药创新股价报收于 39.92元/股，市值达560.71亿元。 01 从"咖啡因巨头"到布局创新药 从年赚3亿到年亏3亿 咖啡因是世界上最广泛使用的精神活性物质，它让人清醒、提高效率，也被加入可乐、能量饮料甚至护 肤品中。全球最大的化学合成咖啡因生产商——石药集团旗下的石药创新，正是这一产业链中的关键角 色。 石药创新的前身新诺威，其发家史与咖啡因紧密绑定，是可口可乐、百事可乐和红牛的长期供应商。其 ...

英国医学研究委员会医学科学实验室科学家开发出一款名为CardioKG的人工智能（AI）工具，通过生 成心脏结构与功能的精细视图，识别出此前未知的心脏疾病相关基因，并预测出两种潜在的治疗药物。 这一成果有助于加快疾病基因识别，提高药物疗效预测的准确性，为心脏病的诊疗带来新工具。相关成 果发表于最新一期《自然》杂志。 团队认为，CardioKG应用前景不限于心脏领域，类似方法还可扩展至脑部、体脂等其他器官与组织研 究，为探索痴呆、肥胖等疾病的新疗法提供有力支持。 （文章来源：科技日报） 团队整合了来自英国生物样本库的4280名心房颤动、心力衰竭或心脏病发作患者的心脏影像数据，以及 5304名健康参与者的数据。通过提取并使用超过20万个基于图像的特征训练模型，并结合来自18个不同 生物数据库的信息，CardioKG系统学习了心脏结构与功能的多样变化。团队利用CardioKG成功预测了 基因与疾病的关联，并探索了药物再利用的可能途径。 测试结果显示，该模型不仅识别出多个此前未知的心脏疾病相关基因，还预测出两种潜在的心脏病治疗 药物：类风湿关节炎药物甲氨蝶呤或可改善心力衰竭；糖尿病药物格列汀则可能对心房颤动患者有益。 ...

Core Viewpoint - The company, formerly known as XinNuoWei, is rebranding as Shiyao Innovation and aims to enter the international capital market after acquiring a majority stake in Jushi Biotech, expanding its business into innovative biopharmaceuticals [2][4]. Group 1: Company Overview - Shiyao Innovation was established in April 2006 with a registered capital of 8.3 million yuan and was spun off from Shiyao Group in March 2019 [5]. - The company has undergone multiple acquisitions, including the purchase of 100% of Shiyao Shengxue for 800 million yuan, resulting in a premium acquisition rate of 121% [5]. - As of July 2023, Shiyao Innovation's total assets reached approximately 205.73 billion yuan, with total liabilities of about 136.88 billion yuan [7]. Group 2: Business Expansion - The acquisition of Jushi Biotech aims to propel Shiyao Innovation into the innovative biopharmaceutical sector, with biopharmaceutical revenue increasing eightfold in the first seven months of 2025 [4][14]. - The company has diversified its product offerings, including biopharmaceuticals, functional raw materials, and health foods, with a significant focus on caffeine production [13]. Group 3: Financial Performance - Revenue from functional raw materials and health foods has been declining, contributing to an overall revenue drop from 28.38 billion yuan in 2022 to 19.81 billion yuan in 2024 [13]. - In contrast, biopharmaceutical revenue has surged, contributing 1.18 billion yuan in the first seven months of 2025, marking a significant recovery [14]. - The company reported a net loss of 3.04 billion yuan in 2024, with a further loss of 2.26 billion yuan in the first seven months of 2025 [23]. Group 4: Shareholder Dynamics - Shiyao Group holds a 75.3% stake in Shiyao Innovation, making it the controlling shareholder [8]. - The company has engaged in significant related-party transactions with Shiyao Group, which has been both a major customer and supplier [18][19]. Group 5: Management Changes - The company has seen changes in its executive leadership, with Yao Bing becoming the new chairman and general manager in 2024 [10][11]. - The CFO, Dai Long, is a relatively young executive, having joined the company in 2016 and taking on the CFO role in 2023 [12].

Company Overview - The company, Shiyao Innovation, submitted its prospectus to the Hong Kong Stock Exchange on December 10, 2025, aiming for a mainboard listing, with CITIC Securities as the sole sponsor [1] - Shiyao Innovation was spun off from Shiyao Group and was listed on the A-share market in March 2019, with a market capitalization of 47.5 billion RMB as of December 11 [1] - The company focuses on biopharmaceuticals, functional raw materials, and health foods, reporting revenues of 1.98 billion RMB in 2024 and a net loss of 304 million RMB [1] Financial Performance - For the first seven months of 2025, the company reported revenues of 1.24 billion RMB, a year-on-year increase of 8.74%, with a net loss of 226 million RMB [8] - The gross profit margin for the first seven months of 2025 was 38.27%, while the R&D expense ratio was approximately 42.67% [8] - The company has seen a significant increase in net loss year-on-year, with a 483.69% increase in net loss for the first seven months of 2025 compared to the previous year [8] Product and Market Focus - The company has expanded its main business into the biopharmaceutical sector by acquiring control of Giant Rock Biotech in 2024, marking a strategic shift in its development [1] - Shiyao Innovation is the largest producer of synthetic caffeine globally from 2020 to 2024, supplying major companies like Coca-Cola, PepsiCo, and Red Bull [1] - The company is strategically focusing on antibody drugs, ADCs, and mRNA vaccines, with a strong pipeline of 15 drugs in clinical or late-stage development, including 9 ADCs and 1 mRNA vaccine [3][5] Industry Insights - The global antibody drug market is projected to grow from $163.8 billion in 2019 to $254.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [10] - The synthetic caffeine market is expected to grow from $391.4 million in 2019 to $578.5 million in 2024, with a CAGR of 8.1% [19] - The company holds a 51.5% market share in China's synthetic caffeine market as of 2024 [20]

155亿身家的医药富豪，又要去港股上市了。 12月10日，国内知名制药企业石药集团旗下的石药创新制药股份有限公司，正式在港交所递交招股书， 准备赴港上市。 来源：南财社 而在2019年，石药创新就已经在深圳创业板上市，证券代码为"新诺威"。截至12月11日收盘，新诺威股 价33.84元/股，市值475亿元。 近年来，新诺威从石药集团旗下的原料药平台开始通过购入巨石生物等石药集团其他子公司，实现向创 新药领域转型。据招股书披露，2025年11月，石药创新以11亿人民币对价，从恩必普药业收购巨石生物 额外29%的股权。收购后，石药创新于巨石生物的所有权权益增至80%。 从业绩来看，新诺威的赴港上市的背后，是传统业绩的失速，以及创新药转型的阵痛。不仅业绩连续下 滑，净利润更是由盈转亏，并且亏损还在持续扩大。 值得一提的是，一个月前，这家公司刚因为公司多名前高管因巨额内幕交易被监管集体重罚，受到市场 瞩目。 2022-2024年，其营收分别为28.38亿元、25.39亿元、19.81亿元，出现逐年下滑的趋势。毛利分别为 13.28亿元、11.58亿元、8.29亿元；期内利润分别为2.94亿元、1.26亿元、-3亿元， ...

Core Viewpoint - CSPC Innovation Pharmaceutical Co., Ltd. (formerly known as CSPC New Drug Co., Ltd.) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the biopharmaceutical and health supplement sectors [2][18]. Company Overview - Established in 2006, CSPC Innovation focuses on research, development, and manufacturing of biopharmaceuticals, functional raw materials, and health supplements, positioning itself as a leader in the health sector [3][19]. - The company is the world's largest producer of synthetic caffeine, supplying major beverage companies like Coca-Cola, PepsiCo, and Red Bull, with products distributed in over 65 countries [3][19]. Business Expansion - In 2016, CSPC Innovation expanded into the health supplement market, offering a diverse range of products aimed at enhancing immunity, improving bone density, and providing antioxidant support [4][20]. - The acquisition of 100% of CSPC Saint Snow in 2022 allowed the company to diversify its product offerings to include other functional raw materials, such as acarbose and anhydrous glucose [4][20]. Biopharmaceutical Development - In 2024, CSPC Innovation gained control of Giant Bio, marking its entry into the biopharmaceutical sector with a focus on innovative therapies targeting unmet clinical needs in oncology, autoimmune diseases, and infectious diseases [5][21]. - The company has commercialized two antibody drugs and developed mRNA vaccines, including the first domestically developed COVID-19 mRNA vaccine in China [5][21]. Research and Development Pipeline - CSPC Innovation has 15 drugs in clinical or late-stage development, including 9 antibody-drug conjugates (ADCs) and 1 mRNA vaccine, targeting high-incidence cancers and other significant unmet medical needs [6][22]. - The ADC pipeline focuses on indications such as lung cancer, breast cancer, gastric cancer, colorectal cancer, and esophageal squamous cell carcinoma, with key targets including EGFR and HER2 [6][22]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first seven months of 2025 were approximately RMB 2.84 billion, RMB 2.54 billion, RMB 1.98 billion, and RMB 1.24 billion, respectively, with net profits showing a decline in 2024 and 2025 [12][13]. - The revenue breakdown indicates that functional raw materials and health supplements accounted for the majority of sales, while biopharmaceutical products contributed a smaller portion [12][13]. Shareholder Structure - Prior to the IPO, CSPC Innovation's major shareholders include CSPC Group, which holds approximately 75.30% of the shares, with the remaining 24.70% held by other A-share shareholders [9][25]. Management Team - The board of directors consists of 10 members, including 3 executive directors and 5 independent non-executive directors, ensuring a diverse governance structure [10][27].

瑞财经 王敏 12月10日，据港交所披露，石药创新制药股份有限公司（以下简称"石药创新"）向港交所主板递交上市申请，中信证券 为其独家保荐人。 | 纂 項下的[編纂]數目 | :[编纂]股H股(視乎[編纂]) | | --- | --- | | [編纂]數目 | :[編纂]股H股(可予[編纂]) | | [編纂]數目 | : [編纂]股H股(可予[編纂]及[編纂]) | | 最高 編纂] | : 每股H股[編纂]港元,另加[編纂] | | | ([編纂]港元,多繳款項可予退還) | | 面值 | : 每股H股人民幣1.00元 | | [編纂] | :[編纂] | 2024年，石药创新取得了巨石生物控制权，将主营业务扩展至生物制药行业，标志着该公司在企业发展战略转型中迈出关键一步。 于2025年11月，石药创新自恩必普药业收购巨石生物额外29%的股权，现金对价为11亿元。收购后，石药创新于巨石生物的所有权 权益增至80%，而恩必普药业保留余下20%的所有权权益。 石药创新原名创为石药集团新诺威制药股份有限公司，是香港恒生指数成分股石药集团（股票代码：1093.HK）的子公司，现已发展 为集生物制药、原料药和功能 ...

Group 1 - The company, Shiyao Innovation, has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The company focuses on innovative therapies targeting unmet clinical needs in significant disease areas such as oncology, autoimmune diseases, and infectious diseases [1] - The company plans to commercialize two antibody drugs in the second half of 2024, including a first-class innovative drug and a biosimilar [1] Group 2 - Since its establishment in 2006, the company has specialized in the research and production of high-quality caffeine, becoming the largest producer of chemically synthesized caffeine globally [1] - The company expanded its main business into the health food sector in 2016, launching a comprehensive range of health food products, with its trademark recognized as a famous Chinese brand [2] - The global and Chinese pharmaceutical markets are experiencing significant growth, with the ADC market in China expected to expand from RMB 3.9 billion in 2024 to RMB 158.6 billion by 2035 [2]

Company Overview - The company, Shiyao Innovation Pharmaceutical Co., Ltd. (石药创新), has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company focuses on the research, production, and commercialization of biopharmaceuticals, functional raw materials, and health foods [4] Business Development - In 2024, the company acquired control of Giant Bio, expanding its main business into the biopharmaceutical sector, marking a key step in its strategic transformation [5] - The company is developing innovative therapies targeting unmet clinical needs in significant disease areas such as tumors, autoimmune diseases, and infectious diseases [5] - The company has a strong pipeline with 15 drugs in clinical or late-stage development, including 9 ADC drugs and 1 mRNA vaccine [5] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the seven months ending July 31, 2025, were approximately RMB 2.838 billion, RMB 2.539 billion, RMB 1.980 billion, and RMB 1.241 billion respectively [9] - The company's profit for the same periods was approximately RMB 294 million, RMB 126 million, a loss of RMB 304 million, and a loss of RMB 226 million respectively [10] - The gross profit margin for the fiscal years 2022, 2023, 2024, and the seven months ending July 31, 2025, were approximately 46.8%, 45.6%, 41.8%, and 38.3% respectively [11] Industry Outlook - The global pharmaceutical market is expected to grow from USD 1,324.5 billion in 2019 to USD 1,542 billion in 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030 [13] - The global oncology drug market is projected to grow from USD 143.5 billion in 2019 to USD 253.3 billion in 2024, with a CAGR of 12.0% [14] - The global antibody drug market is expected to expand from USD 163.8 billion in 2019 to USD 254.3 billion in 2024, with a CAGR of 9.2% [15]

Company Overview - The company, Shiyao Innovation Pharmaceutical Co., Ltd. (stock code: 300765.SZ), has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company focuses on the research, production, and commercialization of biopharmaceuticals, functional raw materials, and health foods [4] Business Development - In 2024, the company acquired control of Giant Bio, expanding its main business into the biopharmaceutical sector, marking a key step in its strategic transformation [5] - The company is engaged in the development of innovative therapies targeting unmet clinical needs in significant disease areas such as tumors, autoimmune diseases, and infectious diseases [5] - The company has a strong technical foundation in antibody drugs, antibody-drug conjugates (ADC), and mRNA vaccines, with plans to commercialize two antibody drugs in the second half of 2024 [5] Product Pipeline - As of December 1, 2025, the company has 15 drugs in clinical or late-stage development, including 9 ADCs and 1 mRNA vaccine [5] - The company’s mRNA vaccine products, including the first domestically developed COVID-19 mRNA vaccine, have been included for emergency use in China [5] Financial Performance - The company's revenue for the fiscal years ending July 31 for 2022, 2023, 2024, and the first seven months of 2025 were approximately RMB 2.838 billion, RMB 2.539 billion, RMB 1.980 billion, and RMB 1.241 billion respectively [8] - The company's profit for the same periods was approximately RMB 294 million, RMB 126 million, a loss of RMB 304 million, and a loss of RMB 226 million respectively [8] - The gross profit margin for these years was approximately 46.8%, 45.6%, 41.8%, and 38.3% [9] Industry Outlook - The global pharmaceutical market is expected to grow from USD 1,324.5 billion in 2019 to USD 1,542 billion in 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030 [11] - The Chinese pharmaceutical market is projected to grow from RMB 1,629.7 billion in 2024 to RMB 2,129.7 billion in 2030, with a CAGR of 4.6% from 2024 to 2030 [11] - The global oncology drug market is expected to expand from USD 143.5 billion in 2019 to USD 253.3 billion in 2024, with a CAGR of 12.0% [12] Market Position - The company is positioned as a significant player in the biopharmaceutical sector, focusing on innovative therapies and addressing unmet clinical needs [5][11] - The company has established a solid partnership with leading beverage companies, leveraging its expertise in caffeine production and health food products [6]